ARGENTINA MARA Minera Agua Rica Alumbrera, or MARA, is located in the province of Catamarca, Argentina. The property is east of the prominent Farallón Negro Volcanic Complex which hosts the past-producing Alumbrera mine. The MARA Project was first formed through the integration of the Minera Alumbrera plant and mining infrastructure and Agua Rica project in a joint venture between Yamana Gold Inc. (“Yamana”), Glencore plc (“Glencore”) and Newmont Corporation in December 2020. Glencore consolidated 100% ownership of MARA in 2023. OPERATOR Glencore plc MINERALIZATION STYLE Porphyry Cu-Au ROYALTY 0.25% NSR (all metals) with an option to convert to a 20% gold stream YEAR OF ACQUISITION 2025 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE 2031 (1) EXPECTED MINE LIFE 23 years (1) Development Update The development scenario considered for MARA is a large- scale open-pit operation at Agua Rica integrated with the processing and tailings infrastructure of the neighboring Alumbrera mine. Agua Rica is currently in FS phase. On August 18, 2025, Glencore announced it had submitted an application for the MARA Project in the Regime for Large Investments (“RIGI”) in Argentina with an expected capital investment of $4.0 billion to develop MARA. Glencore expects RIGI framework approval in H1 2026. (1) Royal Gold’s Royalty Interest Royal Gold owns the rights to a 0.25% NSR royalty on MARA (does not cover Alumbrera). Additionally, Royal Gold holds an option to convert the 0.25% NSR into a gold stream. At the time when 25% of the construction of Agua Rica has been completed, Royal Gold may elect to make an additional advance payment (the “Additional Advance Payment”) in an amount between a minimum of $135 million and a maximum of $225 million. The Additional Advance Payment varies between these amounts based on the following formula: $150,000 multiplied by the price of gold plus $7.5 million. If Royal Gold elects to pay the Additional Advance Payment, Royal Gold will have the right to purchase an amount of gold equal to 20% of payable gold from Agua Rica. Royal Gold would make ongoing payments for each ounce of gold received, equal to 30% of the spot price per ounce of gold. Royal Gold acquired the MARA royalty and stream option effective October 20, 2025, with the acquisition of Sandstorm Gold Ltd. Acquisition Cost US$M N/A Net Book Value US$M N/A* * See page 9, Properties Acquired from Sandstorm Gold and Horizon Copper (1) Source: Glencore, December 3, 2025, Capital Markets Day. 178 Royal Gold | 2025/2026 Asset Handbook ROYALTY INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS